We're working on a physical and digital credit card that gives consumers total control over their merchant relationships. Final allows consumers to generate as many unique credit cards numbers as they need that are associated with one main account, giving consumers the ability to give and retract access on any individual merchant. In the case of fraud or data breach, a card holder simply deactivates that one unique number not impacting any of their other relationships. Consumers no longer have to waste time re-establishing payment relationships or missing important bills.
We're solving a widespread problem that's only getting worse — Credit card fraud is an embarrassingly big problem for the banking industry. Fraudulent transactions made online or via phone increased 40 percent over the last year, making today’s consumer exceptionally more vulnerable to security breaches and hacks. In fact, our founders Aaron, Matt, and Andrew first came up with the idea for Final after all becoming victims of the Target data breach in 2013. Our technology is addressing the gaping wound that is U.S. credit card security, one that most people have experienced firsthand.
We have the potential to capture a huge market worth trillions of dollars — The credit card market is worth $6 trillion dollars. We've spent the last two years building up our tech stack from scratch so that we can issue a near-infinite number of cards. What we have now is the credit card that consumers have been wanting all along: one that's paperless, gives flexibility in managing accounts, and allows control over the ability to sign up for and cancel subscription services. We're coming to market with a consumer-ready product, and if we take even a small piece of the market, we'll be worth billions of dollars.
We have an enthusiastic and growing user-base — Before we had launched our product, over 100,000 people voiced support for our product (by signing up on our site). It’s their support that helps us strive for user-centricity in everything; design, marketing, and engineering. Our goal is a brand of consumer advocacy that permeates not just the messaging, but our code and culture.
We work on some interesting and complex technical problems, such as the following:
Enabling sub-second response times on random transaction calls from live payment networks with population of possible
Providing accurate and universal merchant identification
Detecting transactional fraud based on heuristics
Moving the transactional real time processing engine from Python to Elixir
Working on services-oriented architecture in Rails that needs database splitting and rewriting to have cleaner domain boundaries
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